Bitcoin Bear Market Diaries 2022: Volume 3 with LC Hodl
How do people know you?
How long have you been into Bitcoin?
First got serious about bitcoin around Q3 2020
How many Bitcon market cycles have you been through?
What are you optimistic about in this space despite the current state of the market?
Self-sufficiency/sovereignty is spreading through the pleb community and in my eyes that is a key component to being able to ride out the storms that surely lie ahead.
What tips do you have to those who are new to this or who might be upside down?
If someone has a large follower count, they more than likely cannot be trusted to be honest and genuine, this has very few exceptions. Follow plebs that seem “rough around the edges” or straight up toxic, because most of them want nothing from you. As far as being upside down, learn about bitcoin and what makes it unique. Once you understand that, you will understand it is not a matter of if but when you will be green again.
Biggest regret during the last bull market?
Listening to idiots that were screaming about price and “super cycle” instead of paying attention to what I know to be true which is bitcoin DGAF and is gonna do unpredictable things.
What have you learned so far in this bear market?
Most of my predecessor plebs were right; just STFU and stack. Trying to plan your buys will get you rekt more often than not.
What is the biggest fail you have seen during the last bull cycle?
What do you think helped trigger the current bear market?
Fiat financial practices creeping into the ecosystem in the form of yields and leverage.
Who were the biggest scammers exposed during this last market meltdown?
Not sure how to answer this, I think the plebs that were paying attention already knew people like Pomp, Jason Williams and that the rest of the shitcoining self promoting VCs were scammers. Unfortunately it seems most people are willing to blindly follow and simp for these clowns for a like or a follow. I think the amount of people that have obscenely deep denial about why they got REKT will only continue to grow, and the amount of plebs turning to bitcoin only will decrease while simultaneously these scammers and big players will continue to accrue the only truly scarce digital asset.
What kind of damage do you think the latest price drop has done to buyer sentiment?
IMHO none to those who are willing to do the work and understand “why bitcoin”
What is it going to take to turn this around?
Do you think Michael Saylor, Elon Musk, Jack Dorsey or any big company or name will capitulate and sell their Bitcoin?
No. People like that didn’t get to be successful and ridiculously wealthy by losing money.
What do you think of Blockfi’s implosion?
Ponzis gonna ponzi. Unfortunately, I also believe that they are not gone. They will be either bailed out or bought out, but there is not enough negative user sentiment. Influencers like Jason Williams are still perpetuating the idea that its a sound business model. This model and many like it will run until either regulation steps in (which I do not support to be clear), or their name is so torched they have to rebrand.
What are your tips for HODLing Bitcoin through downturns?
Stop watching price and instead spend your time learning about how bitcoin works and why it matters to galvanize your conviction.
How do you feel about alt-coins and NFT’s?
What kind of impact do you think the radical drop in alt-coins and NFT’s will have on their future?
Unfortunately, the idea of alts dying is a pipe dream. People will always want to gamble and think they are smarter than the algos that continue to rekt them. I think their final form will be some form of shitcoin casino built on a layer of bitcoin where degens can gamble and destroy their and their families’ futures one bad decision at a time.
What do you think about shitcoins like Luna, Celsus, etc imploding?
Easy come easy go.
What is the best way to accumulate Bitcoin during a down market?
Buy bitcoin everyday (shout out Honkhogan) and stop FOMOing. Don’t over extend yourself because you think you’re late. Bitcoin is gonna do what bitcoin wants, and buying that way almost always leads to having to sell to live. Don’t lose your house or worse.
What is a Bitcoin pleb and why are they important?
A faceless average asshole that buys bitcoin and bitcoin only. We are not important. This IMO is what some people forget and why they end up with their own dick in their mouth more often than genuinely trying to add value.
How bullish are you on Bitcoin despite this recent pullback?
Full blown bulltard! Bitcoin is going to continue to increase in value in fiat terms but, more importantly, in freedom terms and the ability to transact when the powers that be want to limit your ability to do so.
Any tips you want to give to people new to Bitcoin?
Learn. Bitcoin is unlike anything else in history. Once you understand that, your conviction will be unshakable.
Any last words of wisdom?
Influencers are shit. “You’re so early” and “sell your chairs, HELOC your life!” can’t exist in the same space. Using the halving schedule as a time table, you are early. Buy at a rate that doesn’t negatively affect your life and the lives of your loved ones, especially if you have kids. I promise you your kids will not wake up one day and think “damn I’m so glad my childhood was complete shit and we were hungry cause now we have more bitcoin!” NOT GONNA HAPPEN! Anyone who tells you it will didn’t have struggles growing up that were directly tied to decisions their parents made. Live your life, enjoy your family, have experiences and make memories. All the bitcoin in the world can’t buy the scarcest asset of all - time.